Significant purchases of Solana (SOL) call options with a strike price of $200 and an expiration date of June 27 have been recorded, according to CoinDesk.
In a conversation with the publication, Greg Magadini, Director of Derivatives at Amberdata, revealed that traders acquired 50,000 contracts last week with a premium of $263,000.
At this point, the implied volatility on an annual timeframe has dropped to 84%, although it is usually expressed in triple digits, the expert added.
According to market data, market makers currently have a significant net negative gamma at the strike price. Should SOL surpass the $200 mark, volatility could spike sharply, the publication warned.
CoinDesk noted an 85% increase in the asset’s price since April 7. In this regard, SOL has outpaced Bitcoin in growth rate.
Earlier, Sygnum found no convincing signs that Solana will surpass Ethereum as the preferred blockchain for institutions.